Berkshire Hathaway says tax law gives it $29B boost in 4Q
Mar 02, 2018, 03:29
As Mr Buffett says: "Wall Street prospered ... many investors experienced a lost decade".
For 2017, net earnings attributable to Berkshire shareholders surged to USD44.94 billion from USD24.07 billion in the previous year.
Buffett's yearly missive included an explanation of Berkshire's 2017 results, which included the conglomerate tallying a more than $29 billion gain for 2017 due to the tax overhaul passed by Congress late previous year. The reforms give the vast majority of taxpayers lower tax bills in the immediate future.
Buffett, CEO of the multinational holding company Berkshire Hathaway and one of the richest people in the world, raised his company's stock in Apple by 3 percent in November - a fresh vote of confidence in the Cupertino tech giant.
The industrial giant hasn't approached Buffett about large divestitures, he said.
In 2014, Buffett said he plans to put 90 per cent of the money he leaves to his wife, Astrid, when he dies into an S&P 500 index fund, and 10 per cent in government bonds.
He said the initiative seeks "fundamental change" in US health care, with medical care at least as good but with costs not continuing to eat up an increasing share of the economy.
"We can take a small imbalance" or trade deficit, he said.
He noted that new rules, under generally accepted accounting principles (GAAP), mean that the net change in unrealized investment gains and losses in stocks the company holds must be included in all net income figures it reports.
"Berkshire's blood flows through their veins", Buffett wrote. His view that acquisitions need to come with "a sensible purchase price" prevented Berkshire from making a big deal in 2017, he wrote.
Buffett said Berkshire functions like a savings account, so it doesn't pay dividends.
"It's a way of saving money over time", he said.
He said Wells Fargo had bad incentives for some employees, which led to serious misconduct that was not stopped by its previous management.
In his letter to investors, Mr Buffett said the tax cut accounted for almost half of the firm's gain in net worth during 2017.
One is Wells Fargo & Co, the third-largest US bank, which was surprisingly ordered this month by the Federal Reserve to curb asset growth while it tries to rebound from scandals over how it treated customers.
There are 17 pages in all of Warren Buffett's words, I think it's well worth a read. The magic touch of Buffett and Munger can also be seen in the current equity portfolio of Berkshire Hathaway. For the full-year 2017 insurance investment income passed $3.9 billion for the firm, up approximately $300 million on the prior year. Upwards of 40% of one of Buffett's key reinsurance companies is now flowing each year from a deal with IAG that helps underpin the financial viability of both companies.
Police in western Japan say an American suspect may have used the train system on his way to dump the remains of a Japanese woman. The woman did not reappear in the footage, but "he was seen repeatedly going in and out of the building alone with a travel bag".
The account turned into a Non-performing asset in 2015, and RBI declared it as a fraud account for an amount of Rs 97.85 crore. One senior executive of BSE listed company is said to be son-in-law of the chief minister of Punjab, Amrendra Singh.
He has said that the first new episode will be " Episode Ardyn " and will focus on Ardyn Izunia, the main antagonist of the game. It also clarified that the 4K textures for the full version of the game should be downloaded separately.
If that's not enough carbon for you, McLaren is also using Geneva to launch a new carbon fiber wheel option. The cabin is trimmed in Carbon Black Alcantara and S (for Senna ) logos feature both inside and out.
Hinckley Road was closed between the junction with Woodville Road and Westcotes Drive, while Carlisle Street was also shut. Electrical damage from the blast affected several homes, but no neighboring properties were evacuated.
From Jan. 1-27, nine people from four states-Arkansas, Illinois, Indiana and Texas-were reported to have measles, the CDC said. An outbreak of measles was reported in 2013 when an orthodox Jewish community living in Williamsburg, Brooklyn was affected.
They said that President Donald Trump is a common enemy to more than 3,000 Democratic activists gathered at the annual meet. Although she has been a politician for most of her adult life, Feinstein is also a crusader for Democratic Party causes.
Nokia has two target audiences in mind for the Nokia 8110, based on the tremendous response it received for the Nokia 3310 . On the MWC 2018 , the company announced the rebooted Nokia 8110 phone which become famous by the 1999 movie, The Matrix .
Tokyo 2020: Japan unveils Olympics mascots
Almost 600 cheering schoolchildren attended a ceremony in Tokyo's Shinagawa ward on Wednesday to hear the results of that vote. The mascots themselves are two parts Powerpuff Girls with a gentle sprinkling of the Samurai Pizza Cats for good measure.
Little Miami River Brings Flooding to Loveland, Ohio
The National Weather Service reports the Ohio River crested at 60.5 feet yesterday - its highest level in more than two decades. We've had an extremely wet February with many places a good 5-6 inches above average as far as rainfall is concerned.
Empowering women is empowering entire household: PM Modi
Modi symbolically handed over the keys and registration certificates of two wheelers to five women on the occasion, reports PTI. Last month, the state government increased the subsidy component under the scheme from Rs 20,000 to Rs 25,000.